Type State enterprise Area served Thailand Total assets 109.7 billion baht Headquarters Bangkok | Industry Banking Net income -9.5 billion baht Founded 21 October 2002 | |
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Key people Mr Monchai Rattanasatien, Acting Managing Director | ||
010355 interview with mr teerasak suwanyos managing director of islamic bank of thailand
The Islamic Bank of Thailand (iBank) (Thai: ธนาคารอิสลาม) was established in 2002.
Contents
- 010355 interview with mr teerasak suwanyos managing director of islamic bank of thailand
- History
- Performance
- References
The bank is 48.54 percent owned by the Thai Ministry of Finance, 39.81 percent by the Government Savings Bank, and 9.83 percent by Krung Thai Bank. The Ministry of Finances's direct shareholding in iBank is capped at 49 percent, but shareholdings by other state-owned banks mean that the government controls over 98 percent of iBank shares.
iBanks's Swift code is TIBTTHBK. The bank's fiscal year runs from 1 January to 31 December. iBank operates in accordance with the principles of Islamic Sharia law. It serves all customers regardless of religious affiliation.
History
The Islamic Bank is a state-owned enterprise and has 130 branches throughout the country (2015). It is set up under the Islamic Bank of Thailand Act 2002. It began operations in 2003. By the end of 2005 the bank had total of nine branches. The bank acquired the Shariah Banking Services of Krung Thai Bank PCL in November 2005. As a result, the number of branches increased from 18 to 27.
Performance
For the year ending 2014, iBank reported total assets of 109.7 billion baht. Net profit for the year was -9.5 billion baht.